Title: Fidelity triggers 1,700 planned layoffs

" As the stimulus talks continue the job losses continued to pile up. One example layoffs are now under way in a Boston financial giant. NEC -- because -- It is now with the -- Peter. Yeah thank you -- fidelity had warned last autumn that would be cutting about 3000 jobs. Thirteen hundred what right away and then the rest in this winter quarter -- the second shoe dropped. And it's an indication of an ongoing wide ranging and painful contraction. In an industry that is crucial to downtown Boston's economy money management."

" It was expected but still a jolt. Boston investment giant fidelity triggered a planned 1700. Layoffs fidelity wouldn't say who or how many in Boston and New England. It adds to a wave of layoffs the -- in Boston's crucial financial services sector. State Street is cutting up to 1800 jobs 6% of its workforce Wellington management based in this tower reportedly 200 jobs or 10%. And Bank of America's -- 45000. Layoffs almost certainly including some of its Boston money it. The fundamental challenge for financial firms is the stock market collapse of last year many have forty or 50% less money to manage than they did a year ago. That means less fees to collect. That means less money to pay people and that means layoffs. Fidelity says like businesses across all industries -- had to make adjustments to deal with these extraordinary events in the market. These layoffs and other expense reductions fidelity says. Will ensure fidelity maintains its strong financial status. And provide customers with the best products and services John south do its job is figuring out what's happening with -- Boston jobs and for his employer real estate giant CB Ari. What does that mean for."

" Office rentals. As though layoffs actually start coming that we really were in the very beginning of the financial sector in fact sheltered predicts Boston seen only 16 of all the financial pink slips that will cost. There's been about 2000. Jobs in the financial broad financial sector in the Boston area loss happened the last quarter of last year there's probably about. 10000 more. To go. Over the next two years."

" In an average American city about one of every twenty people works and financial services here in Boston it's more like one in twelve. And layoffs and towers mean coffee shops shut down and sidewalk storefronts -- went to."

" a lot of other and on businesses that that you could see you know multiples of that 10000. And one more reason why financial sector layoffs are such a big deal in Boston and New England. -- to the state -- technology collaborative the big state depends more on financial services jobs. In its economy and all but two other states York and Connecticut number making -- is number three for financial services jobs. So these are pink slips to do wind up having a lot of ripples -- Peter and they said fidelity didn't give any specifics as to where these cuts are coming but. Any any good speculation on where that could happen. Well you know you're right there's no breakdown on what it means for fidelity imposter or other locations like Marlboro Massachusetts -- Merrimack New Hampshire where they have a big presence. But there are many reports that these -- layoffs that are going to reach beyond this customer service and account American people an inside FMR which is the fund management and stock analyst unit fidelity does keep things close the best. But it does seem that this will be something that goes into places it previously haven't been hit by lay out. All right thanks Peter how reporting thank you --"